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Description

Demand forecasting and inventory management are often seen as completely separate tasks, frequently done by different people, who often don't talk to each other! However, effective inventory management depends critically upon suitable forecasts. Forecasting processes should be designed to support inventory management and inventory management processes need to recognise the inherent uncertainties in forecasts.

By bringing the two topics together, this course enables delegates to make choices that will deliver benefits for the business as a whole. The course offers a framework for understanding the forecasting and inventory management processes and for selecting the appropriate tools and techniques.

The course fee includes one night's accommodation.

Who Will Benefit?

Sales/Marketing Directors, Sales Managers, Logistics Managers, Forecasters, Inventory Managers, Master Schedulers, and Planners. The course assumes delegates will already have a basic understanding of the roles of sales, marketing and logistics within a business. Some knowledge of basic statistical concepts is helpful but not essential.

What Will The Course Cover?

Forecasting

Why forecast and what's a good forecast?

Chance, variation and basic statistical concepts

Simple statistical forecasting techniques

Subjective versus objective forecasting

Forecasting as a business process

Causal factors

Scenario modelling and forecasting pyramids

Overview of advanced statistical techniques

Product segmentation and improving forecast accuracy

Inventory Management

The role and cost of inventory

Buffering uncertainty

Classification and demand analysis

Replenishment control techniques

Safety stock, order quantities and the K-curve

MRP and DRP

Analysis and reporting

Implementing a control process

What Will Delegates Gain?

The course is designed to focus on the strategic aspects of forecasting as well as the practical aspects of producing a forecast. It will provide an understanding of how to: